The Pakistani rupee maintained its stability on Wednesday, the second working day of the week, after regaining ground versus the US dollar on Tuesday in the interbank market.
Details indicate that the value of the local currency relative to the US dollar increased by Rs3.32 and that it was trading at about Rs234. Data from Pakistan’s central bank show that the rupee ended the day at Rs237.02 on Monday.
The rupee has recovered a total of Rs5.65 over the last two working days thanks to the most recent intraday increase.
Despite disastrous floods wrecking Pakistan’s economy, the rupee came close to hitting a record low of Rs240 versus the dollar but was unable to do so following many encouraging signs.
According to Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), the market appears to be reacting to the arrival of PML-N leader Ishaq Dar and the announcement that he will succeed Miftah Ismail as finance minister.
